Sales in the retail and food and beverage sectors last month rose for the 26th and 18th consecutive month on an annual basis respectively, the Ministry of Economic Affairs reported yesterday.
However, sales in the wholesale sector fell for the 12th consecutive month last month as inventory destocking continued and end-market demand remained sluggish amid a global economic slowdown, the ministry said.
For this month, the ministry forecast that the retail and food and beverage sectors would continue their growth momentum thanks to department store anniversary sales; the Double 11 Singles’ Day online shopping festival; seasonal demand for clothing and related products; as well as increased conference activities and business gatherings.
Photo: CNA
The wholesale sector is likely to see sales growth return to positive territory this month due to a low comparison base last year, it said.
Last month, retail sales totaled NT$400 billion (US$12.68 billion), up 5.1 percent from a year earlier, as new vehicle purchases remained robust and people spent more during the Double Ten National Day holiday and department store anniversary sales, while consumption at convenience stores, drugstores and cosmetics outlets grew steadily, the ministry said in a report.
In the first 10 months of this year, retail sales rose 7.5 percent from a year earlier to NT$3.76 trillion, the highest for the same period, it said.
The ministry said it expects retail sales to grow between 2.2 and 5.2 percent annually this month.
Food and beverage sales reached NT$85.5 billion last month, rising 11.1 percent year-on-year, as catering service providers benefited from travel demand, while restaurants and beverage outlets gained support from the holiday consumption, special sales promotions and store expansions, the report said.
In the first 10 months, food and beverage sales rose 21.3 percent year-on-year to NT$852.3 billion, also the highest for the 10-month period, while sales this month are projected to grow 7.6 to 10.6 percent from a year earlier, it said.
The wholesale sector’s sales last month were NT$1.05 trillion, down 0.9 percent year-on-year, as demand for building materials, clothing and accessories, and chemical materials remained weak, offsetting that for machinery equipment, food, beverage and tobacco products, the report said.
Cumulative sales in the sector in the first 10 months fell 8.9 percent to NT$9.7 trillion, and sales for this month are estimated to rise 0.9 to 3.9 percent to between NT$1.01 trillion and NT$1.04 trillion, the ministry said.
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